PT Kawasan Industri Jababeka Tbk. · Kota Jababeka, KIJA's flagship development, is a mature...
Transcript of PT Kawasan Industri Jababeka Tbk. · Kota Jababeka, KIJA's flagship development, is a mature...
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April 2019
Investor Presentation
PT Kawasan Industri Jababeka Tbk.
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Leading township developer & infrastructure powerhouse
PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry-based townships supported by residential & commercial components...
KIJA overview Business segments
Established in 1989 and became the first publicly listed industrial estate developer in Indonesia in 1994
Kota Jababeka, KIJA's flagship development, is a mature industry-based integrated township in Cikarang with on-site power plant and dry port
Diversification projects: Kendal Industrial Park – Park by the Bay in Central Java, tourism-based township in Tanjung Lesung, Banten and a tourism development project in Morotai
Large and strategically located land bank of 3,861 hectares as of 31 December 2018
PT Kawasan Industri Jababeka Tbk
Real Estate Infrastructure
Industrial
Residential
Commercial
Power
Water & Estate
Dry Port
Vision: To Create Modern Self Sustained Cities in Every Province in Indonesia and Provide Jobs for Better Life
FY18 Revenue Breakdown (%) (Rp 2,712 billion)
FY18 Gross Profit Breakdown (%) (Rp 1,179 billion – 43% GPM)
…with world class infrastructure to support its development
Real Estate & Others, 42%
Power, 41%
Water / Estate, 9%
Dry Port, 8%
Real Estate & Others, 63%
Power, 21%
Water / Estate, 10%
Dry Port , 6%
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Milestones & Awards
1989 1994
1996
2001
2003
2010
2011
2016
Jababeka Group established and started development of the industrial estate
IPO on Jakarta and Surabaya Stock Exchange
Acquisition of Menara Batavia in Jakarta CBD
Inauguration of Education Park, including President University
Commenced development of Jababeka CBD
Cikarang Dry Port begins operations
Acquisition of 1,500 ha land in Tanjung Lesung, Banten
Bekasi Power Plant commenced operations
Groundbreaking Kendal Industrial Park – Park by the Bay
Supply Chain Asia Awards 2014 Asia Logistics Centre/Park of the
Year
#1
Frontier Consulting Group Award 2014 #1 Corporate Image
Industrial Estate
Fortune Indonesia - 2015 Best Company award
#1
Investor Magazine - 2012 Top 10 Best performing
listed companies and Best listed company in property
2013
#1
Ministry of Industry - 2015 Best Industrial Estate –
Infrastructure & Facilities
#1
Indonesia Property Watch- 2015
The best township development concept
2014
D’Khayangan Senior Living Launched
Selected awards
SWA Magazine - 2016 Top 25 Most Creative
Companies in Indonesia
More than 25 years track record in township development
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Sizeable land bank in strategic locations with upside potential
Karawang
Note: 1 Land bank as at 31 December 2018
Most established industrial area in Greater Jakarta, home to >2,000 local and multinational companies
Designated as a Special Economic Zone
Designated strategic estate status under presidential decree
Fully integrated and matured city development 35km east of Jakarta, 45mins from Jakarta’s CBD
Strategically located along the Jakarta-Semarang-Surabaya Economic Corridor
Envisaged to become a first-class integrated resort destination for both domestic and international tourists Offers a deep pool of young
and skilled labour at a competitive cost
Located 180km southwest of Jakarta and covers 1,500 ha of untouched peninsula facing the Indian Ocean
Tanjung Lesung Master plan: 1,551 hectares 170km southwest of Jakarta Land Bank: 1,532ha(1)
Kendal, Central Java Master plan: 2,700 hectares 450km east of Jakarta Land Bank: 572ha(1)
Kota Jababeka Cikarang Master plan: 5,600 hectares 35km east of Jakarta Land Bank: 1,235ha(1)
Kota Jababeka Cikarang
Kendal, Central Java
Semarang
Surabaya
Tanjung Lesung
INDONESIA
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Kota Jababeka — Flagship industry-based integrated township 1
…and is home to over 2,000 local and multinational customers from over 20 countries
Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and airport…
Excellent accessibility and connectivity with 3 Exit Toll Accesses to Kota Jababeka and development of Major Transportation Infrastructure along Jakarta Eastern Corridor to Kota Jababeka.
Proposed MRT Station
Tranportation infrastructure (Proposed / Under Construction)
High Speed Train
LRT Track
Elevated Toll Road MRT Track Double-double track Railway
KOTA JABABEKA JAKARTA
1.5 hours
6 lane Highway of Jakarta Inner Ring Road
• 35 KM from Jakarta City • Close to International Airport & Seaport • Accessible by toll road and railway
KM 29
KM 31
KM 34
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Kota Jababeka – Anchored by a blue-chip customer base
Portfolio of high quality customers Diverse mix of occupants across sectors (breakdown by number of occupants) – As of 31 December 2018
1
The portfolio of high quality multinational and domestic customers at Kota Jababeka is a testament to the township's strategic location and superior infrastructure facilities
11%
7%
6%
6%
6%
5%
4% 4% 4% 2%
45%
Electronics
Machinery
Customer Goods
Chemicals
Automotive
Plastics
Foods
Building
Metal Fabrication
Tekstile
Others
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Jababeka Residence – A City for Your World 1
Residential & Commercial Developments
Mixed-Use Developments
Facilities
Oscar Townhouse Cluster
Sudirman Boulevard Commercial Center
Hollywood Junction, Monroe & Elvis Tower
International Hotels
Hospitals President University &
Reputable Schools
Jababeka Golf & Country Club
Senior Living D’Khayangan
Jababeka Stadium Jababeka Convention Center
KM 29
KM 31
KM 34
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Kota Jababeka – Enhancing value through Joint Venture projects 1
PT Plaza Indonesia Realty Tbk PT PP Properti (Persero) Tbk
Mixed use superblock on a 12-ha site right next to the golf course Groundbreaking happened in June 2015; piling completed
Mixed use superblock on a 4.6-ha site With 6 apartment towers and Japanese style mall
4 apartment towers strategically located near the toll exit & catering to the lower end of the market
Tower 1 (1009) – Mahakam Tower –> 90% sold, 10% handed over Tower 2 (939) – Bengawan Tower –> 23% sold, piling completed
JV 2 30%
70%
JV 2 52.6%
47.4%
JV 1 70%
30% “MAYFAIR Estate
& Park Land” JV 1
49%
51% “Riverview Residence”
To be developed on 4-ha site adjacent to JV 1 Concept to be decided on at a later stage – to support /
complement JV 1
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Kota Jababeka – Kawana Golf Residence 1
Kawana Golf Residence is a JV between KIJA’s Jababeka Residence (60%) and Creed Group (40%) from Japan High-end golf view apartment tower with 234 units Total 100% sold in 2 phases – delivery scheduled in 2020 Kawana 2 planned to be launched later in 2019
Kawana Golf Residence – The One & Only Golf Residence in Indonesia
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WWTP 2
Capacity
125 L/sec
Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur
PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, waste water treatment, estate management, and other services such in-house fire brigade, 24 hour security, fiber optics, natural gas and others…
…which meet the international standards and operate in accordance with environmentally friendly policies in integrated city Kota Jababeka in Cikarang
Waste Water
Treatment Plan
Telco Natural Gas
Water Treatment
Plan
WWTP 1
Capacity
208 L/sec
WTP 2
Capacity
200 L/sec
WTP 1
Capacity
400 L/sec
2
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Enhancing Kota Jababeka's value proposition: Bekasi Power Plant
Integrated Power Generation & Distribution Process
PLN
Factories
100% output to PLN
Buy back from PLN (+16% margin)
1
2
Direct sale to factories (+ margin)
3
Operational Highlights
130MW gas fired combined cycle plant 20 year 100% off-take agreement from Perusahaan Listrik Negara
(“PLN”) – Rate per KWH: ~US$11 cents – Average gas cost / MMBTU: ~US$8.7 – Fuel costs borne by PLN on a pass-through basis – Fully contracted gas supply – Flexibility to buy back power and resell it at a premium
During repair of a leakage in one of the boilers the power plant operated at about 50% of the usual capacity for about 3 months in 2016
The power plant was in full “reserve shutdown” for most of 1Q18 and has operated intermittently since then, since 3Q18 on 5 days full capacity during the week and half capacity on weekends on average
Financial Highlights
2
IDR billion Description 2014 2015 2016 2017 2018
Net Dependable Capacity 118.8MW 120MW 120MW 121MW 120MW
Load Factor 108MW 110MW 93MW 109.MW 110MW
Capacity factor 90.01% 90.01% 81.85% 87.95% 92.24%
Equivalent Availability Factor 90.34% 96.39% 82.85% 94.53% 98.15
Planned Outage Factor 7.88% 3.09% 15.15% 5.00% 1.62%
Equivalent Forced Outage Rate 1.78% 0.52% 2.00% 0.47% 0.23%
Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the primary concerns for industrial clients in Indonesia
KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate
1,267
1,499
1,310 1,360
1,102
155 215 164
232 248
12.2% 14.3%
12.5%
17.1%
22.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-
200
400
600
800
1,000
1,200
1,400
1,600
2014 2015 2016 2017 2018Revenue Gross Profit Gross Profit Margin
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Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 2
Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor…
International Port Code: IDJBK Surrounded by 11 Industrial Estates and more than 3,000 manufacturing companiee
JABABEKA
MM 2100
EJIP LIPPO
HYUNDAI SURYA CIPTA
KIKC KIM
KBI
KIIC
GIIC
62%1
Notes:
1 Estimated % of total throughput at Tanjung Priok Port originating from this area
Cikarang Utama
Toll Gate
New Toll
Gate KM 29
Flyover to
Jakarta
Highway
Exit KM 29
Enhanced Accessibility with New Toll Gate KM 29
Airport
Railway Connectivity to the Sea Port
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Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 2
Mobile X-
Ray
Reefer
Container Yard
Container Freight Station
Office:
CDP,
Quarantine,
& Banking
Gate
Port Code:
IDJBK
Bonded
Logistic
s
Center
(PLB)
Empty
Depot Customs
3rd Party
DC New Office
& PLB 2
Physical
Inspection
200 ha of
integrated port & logistics facilities
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Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Overview Revenue (IDR billion)
Throughput (TEU)
2
Selected customer & partner profile at Cikarang Dry Port Shipping Lines:
Third Party Logistics Provider (3PL):
Shippers / Consignees:
Strong momentum in CDP operations
…allowing customers to more efficiently manage their imports and exports and benefit from cost savings
Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia…
Since 2012, Cikarang Dry Port is an official port of origin and destination with international port code IDJBK – now connected with 25 major shipping lines
Integrated port and logistics facilities with multi modal transportation services
Smart Port Solution to streamline the business process
Besides export/import, CDP also serves domestic distribution via main railway line that runs from west Java to east Java and also combining it with domestics shipping lines services
Bonded Logistics Centre (FTZ facilities) for Cotton & minerals/metals
78
120
151 171
225
-
50
100
150
200
250
2014 2015 2016 2017 2018
37,507
50,844
65,250 73,946
95,314
-
20,000
40,000
60,000
80,000
100,000
120,000
2014 2015 2016 2017 2018
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Diversified land bank 3
Positioning
Real Estate(2): 42% Recurring(3): 58%
Land Bank
Total(1): 3,362ha
Kota Jababeka
Kendal Industrial Park – Park by the Bay
Tanjung Lesung
Positioning Established MNCs and domestic companies willing to pay a premium for strategic location and mature township with top notch infrastructure in place
More cost-conscious customers looking for an alternative to Greater Jakarta industrial estates that still provides top notch infrastructure
Tourism, leisure and hospitality focused integrated township to tap into entertainment/leisure spending by rising middle class in Indonesia
Notes: 1 As per 31 December 2018 and excluding Morotai with 521 hectares of land bank 2 Comprises real estate, golf and other non-infrastructure segments 3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees
…in addition to benefiting from future infrastructure developments across its land bank locations
A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience…
Diversified by geography, positioning and segment
Well diversified across multiple segments (Breakdown of segments by 2018 revenue contribution)
17% 3% 7% 6% 2% 3% 4% 41% 9% 8%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Developed Land Factory Buildings Commercial Residential Tourism Golf Others Power Plant Water & Estate Services Dry Port
1,235ha 572ha 1,532ha
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Diversified projects: Kendal Industrial Park – Park by the Bay 4
Tanjung Emas International Seaport (Indonesia's 3rd largest) 25 km
Ahmad Yani International Airport 20 km
Semarang (Central Java capital) 21 km
Semarang
Tanjung Emas Seaport
Ahmad Yani Int'l Airport
Kendal Port
Total planned area: 2,700 hectares
Phase 1: 860 hectares
49% 51%
Distance to Kendal Industrial Park – Park by the Bay
…and complemented by KIJA’s long track record and experience in Indonesia industrial estate developments and infrastructure operations
Kendal Industrial Park – Park by the Bay benefits from Sembcorp's expertise in developing and marketing industrial zones across Asia (China, Vietnam, Batam, Bintan, etc)…
Kendal Industrial Park – Park by the Bay is a JV between KIJA and Sembcorp
Excellent connectivity to major infrastructure in Central Java
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Official opening ceremony on November 14th 2016 by the President of Indonesia, Mr Joko Widodo, and the Prime Minister of Singapore, Mr
Lee Hsien Loong
Diversified projects: Kendal Industrial Park – Park by the Bay 4
Key Highlights
Macro infrastructure planning that supports growth of Kendal Industrial Park – improved connectivity and accessibility (for exmaple newly opened Trans Java toll road and new Ahmad Yani Airport
Competitive manpower / low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay particularly interesting for labor intensive industries
Numerous human resources education & training facilities
Top notch infrastructure & One-stop solution for licensing, manpower recruitment, on-site logistics, security and estate management services
Our Kendal Industrial Park – Park by the Bay development in Central Java is well-positioned to benefit from growing demand for relatively low cost industrial estates with good connectivity and competitive labor costs
Diverse mix of occupants across sectors (breakdown by number of occupants) – As of March 2019
Logistics, 17%
F&B, 15%
Construction, 15%
Furniture, 9%
Bicycle & Toys, 8%
Metals, 6%
Paper, 6%
Pharmaceutical, 6%
Commercial, 6%
Others, 12%
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Diversified projects: Kendal Industrial Park – Park by the Bay 4
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Diversified projects: Tanjung Lesung 4
President Joko Widodo speaking on Tanjung Lesung’s designation as Special
Economic Zone for Tourism
Tanjung Lesung overview
Location ~ 180 km southwest of Jakarta in Banten
Concept Tourism-based integrated township (hotels, apartments, sailing, diving & beach clubs)
Access Currently accessible by toll road from Jakarta in ~ 3.5 hours
Australia
Indonesia
Malaysia
Singapore
Tanjung Lesung
Merak
Anyer Krakatau Mountain
Labuan
Pandeglang
Panimbang
Future Toll road
Panaitan Island
Ujung Kulon National Park
Jakarta Serang
Jakarta-Merak Toll Road
SOEKARNO – HATTA International Airport
Tanjung Lesung
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Diversified projects: Tanjung Lesung 4
Strong government support for development of Tanjung Lesung
One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is promoting
New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk (Persero) won the tender for this project, land acquisition is ongoing and construction has commenced
Tanjung Lesung has been designated as Special Economic Zone for Tourism
Facilities and infrastructure at Tanjung Lesung
Existing infrastructure includes access roads, a water treatment plant, wastewater treatment plant, electricity supply and telecommunication links
Visitors currently have access to ~ 300 rooms spread out over two hotels/resorts, a bed and breakfast and several cottages
Other facilities: restaurant and bar, golf course, a swimming pool, a spa, a beach club, a sailing club, private air strip, school, mosque, residential housing units, and a medical clinic
…is expected to increase interest from potential investors/partners for the project
Villa with private pool at Tanjung Lesung
Golf course
Aerial view
Strong government support for Tanjung Lesung's development as a tourism zone...
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Diversified projects: Tanjung Lesung 4
KALICAA VILLA
Current property products
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Morotai is a Special Economic Zone for tourism and 1 of 10 new tourism destinations promoted by the government
Strategically located in the Halmahera group of eastern Indonesia’s Maluku islands, in the heart of Pacific Asia in between Asia and Australia
3 hours flight from Singapore and Taipei
Morotai
Beach view at Morotai
Evening view at Morotai
Great potential for tourism, agricultural and fishing industries and as a logistics hub
Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War 2 historic sites and relics
4 Diversified projects: Morotai
PT Jababeka Morotai has been appointed as the implementing entity of the Morotai development project by the Coordinating Ministry of Economic Affairs of the Republic of Indonesia
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Clear strategic focus 5
Long Term Vision
Short Term Medium Term
Continue to develop and capitalize on Kota Jababeka Township
Further development of Kendal Industrial Park in partnership with Sembcorp in Central Java
Development of Tanjung Lesung tourism-based township
Development of Morotai, initially as a tourism-based township
Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia
Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships
KIJA's existing pipeline provides visible opportunities over different time frames
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399
331
427
150
67
0
50
100
150
200
250
300
350
400
450
2014 2015 2016 2017 2018
1,252
1,389
1,243 1,137 1,179
45% 44% 42%
38%
43%
20%
25%
30%
35%
40%
45%
50%
55%
60%
0
200
400
600
800
1,000
1,200
1,400
1,600
2014 2015 2016 2017 2018Gross profit Gross profit margin
1,592 1,868 1,723 1,774 1,570
1,207
1,272 1,208 1,221
1,142
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2014 2015 2016 2017 2018Recurring revenue Real estate & other revenue
Financial Highlights 6
Notes: 1 Approximate unrealized foreign exchange loss (non cash) for FY14: IDR 65 billion, FY15: IDR 156 billion, FY18: IDR 248 billion 2 Approximate unrealized foreign exchange gain (non cash) for FY16: IDR 135 billion, FY17: IDR 59 billion – and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes
Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%)
EBITDA (IDR billion) and EBITDA margin (%)
2,799
3,140 2,931 2,995
2,712
Net income (IDR billion)
(1)
(1)
(2)
(2)
(1)
1,130 1,167
1,025
914 943
40%
37% 35%
31%
35%
20%
25%
30%
35%
40%
45%
50%
55%
60%
0
200
400
600
800
1,000
1,200
1,400
2014 2015 2016 2017 2018EBITDA EBITDA margin
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595 827 792 895 884 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2014 2015 2016 2017 2018
Cash and cash equivalents Total assets
Balance Sheet Highlights 6
Notes: 1 Includes capitalized interest + Hedging Fees
Assets and cash (IDR billion) Debt, Equity (IDR billion) and Debt/Equity (x)
EBITDA/Interest expense (x)1 Net debt/EBITDA (x)
8,505 9,741
10,734 11,226 11,784
2,705
3,510 3,565 4,041
4,359 4,662
4,978
5,638 5,900 6,053
0.58
0.71
0.63
0.68 0.72
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016 2017 2018
Total debt Total equity Debt/Equity
3.8
3.4 3.1
2.3
2.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2014 2015 2016 2017 2018
1.9
2.3
2.7
3.4 3.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2014 2015 2016 2017 2018
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Debt Maturity Profile (Million USD)
$3.3 $3.6 $0.9 $0.6 $0.6
$1.95
$6.5
$300.0
0
5
10
15
20
25
30
2019 2020 2021 2022 2023
Bank Tabungan Negara Bank Central Asia Standard Chartered Global Notes
Total Debt as of FY18 IDR 4.359 billion equivalent – average cost of debt 6.58% p.a.
Bank Loans
Bank Tabungan Negara IDR 102.3bn as per FY18 10.5% p.a. Construction Loan (JV w PT PP – Riverview)
Bank Central Asia USD 3.15mn as per FY18 5.25% p.a. Project loan (warehouse in logistics park)
Standard Chartered Bank USD 6.5mn as per FY18 3M LIBOR + 3.75% p.a. Working Capital at Bekasi Power (rolling)
Global Notes US$ 300 million Guaranteed Senior Notes Due 2023 (7NC4) 6.5% p.a.
Hedging Practice
US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,021 Rupiah and an average upper strike of 15,997 Rupiah
Recurring revenue provides stability and visibility of cash flows , which are partially based on USD pricing terms (power & water) providing a natural hedge for USD-denominated interest expenses
2%
98%
IDR
USD
2%
98%
Floating
Fixed
Fixed vs Floating Interest Rate
IDR vs USD Debt
Debt Overview 6
0
89
79
245
175
22
132
115
82
200
218
78
86
134
182
205
102
95
133
111
160
26
Experienced management team 7
Board of Commissioners
Board of Directors
Setyono Djuandi Darmono
President Commissioner
(Founder)
Bacelius Ruru
Vice President Commissioner
Independent Commissioner
Hadi Rahardja
Commissioner
(Founder)
Gan Michael
Commissioner
Budianto Liman
President Director
Setiawan Mardjuki
Director
Hyanto Wihadhi
Director
Sutedja Sidarta Darmono
Director
Tjahjadi Rahardja
Director
Average of more than 25 years of industrial township development experience
Basuri Tjahaja Purnama
Director
0
89
79
245
175
22
132
115
82
200
218
78
86
134
182
205
102
95
133
111
160
27
Land bank Size (ha) ASP (Rp million) NAV (Rp bn)
Cikarang Inventory 166 4.00 6,640
Land for Development* 1,069 0.55 5,881
Kendal Inventory 1 1.50 10
Land for Development* 572 0.35 2,001
Tanjung Lesung Inventory 22 1.00 216
Land for Development* 1,511 0.25 3,777
Morotai Inventory 475 0.20 951
Land for Development 46 0.02 9
Subtotal land bank 19,485
Infrastructure & Others (DCF) 2,717
Add (cash, advances, investments in associates, deposits, etc) 2,099
Deduct (loans, customer advances, etc) (5,328)
Total NAV 18,974
Number of shares (billion): 20.82
NAV per share 911
Current Share Price 242
Discount to NAV 73%
Disclaimer:
The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general
overview of the Company’s internal net asset value (NAV) calculation. The information is provided for quick reference only.
The information provided is not an offer to sell securities or the solicitation of an offer to buy securities. The information has been compiled from sources believed to be
reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information
concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors
in or omissions from, any information contained herein.
KIJA NAV – As per 30 December 2018 8
* Replacement value